Amazon’s Cryptocurrency Plan Could Be a Game Changer
By Kathi on Jul 26, 2021 | 03:36 AM IST
Bitcoin and other cryptocurrencies have fallen on hard
times recently, but the sector may have found its hero in the form of Amazon.
The company’s job vacancy advertising for a “digital
currency and blockchain product lead” has sparked rampant speculation over what
the tech giant might have planned. The new position will be part of the team
responsible for how Amazon’s customers pay on its platforms.
The possibility of Amazon accepting cryptocurrency
payments—by the end of the year, according to some reports—saw Bitcoin surge to
six-week highs just below $40,000. There’s even the suggestion the internet
behemoth could be developing its own coin and may also accept alternatives such
as Ethereum.
Cryptocurrencies face a fight over their role in society,
their use, and ultimately their value. Acceptance by a company as big as Amazon
will only help their case. It’s a bold move from Amazon, and how the company
deals with the famed volatility of cryptocurrencies will be fascinating to see.
Investors may not need to wait long for answers. Amazon
reports earnings on Thursday and executives will surely face a volley of
questions on the matter.